TRAVEL & LEISURE CO. Management’s Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)


This report includes "forward-looking statements" as that term is defined by the
Securities and Exchange Commission ("SEC"). Forward-looking statements are any
statements other than statements of historical fact, including statements
regarding our expectations, beliefs, hopes, intentions or strategies regarding
the future. In some cases, forward-looking statements can be identified by the
use of words such as "may," "will," "expects," "should," "believes," "plans,"
"anticipates," "estimates," "predicts," "potential," "continue," "future,"
"intend," and other words of similar meaning. Forward-looking statements are
subject to risks and uncertainties that could cause actual results of Travel +
Leisure Co. and its subsidiaries ("Travel + Leisure Co." or "we") to differ
materially from those discussed in, or implied by, the forward-looking
statements. Factors that might cause such a difference include, but are not
limited to, risks associated with: the acquisition of the Travel + Leisure brand
and the future prospects and plans for Travel + Leisure Co., including our
ability to execute our strategies to grow our cornerstone timeshare and exchange
businesses and expand into the broader leisure travel industry through new
business extensions; our ability to compete in the highly competitive timeshare
and leisure travel industries; uncertainties related to acquisitions,
dispositions and other strategic transactions; the health of the travel industry
and declines or disruptions caused by adverse economic conditions and
unemployment rates, terrorism or acts of gun violence, political strife, war,
including hostilities in Ukraine, pandemics, and severe weather events and other
natural disasters; adverse changes in consumer travel and vacation patterns,
consumer preferences and demand for our products; increased or unanticipated
operating costs and other inherent business risks; our ability to comply with
financial and restrictive covenants under our indebtedness and our ability to
access capital markets on reasonable terms, at a reasonable cost or at all;
maintaining the integrity of internal or customer data and protecting our
systems from cyber-attacks; uncertainty with respect to the scope, impact and
duration of the novel coronavirus global pandemic ("COVID-19"), including
resurgences, the pace of recovery, distribution and adoption of vaccines and
treatments, and actions in response to the evolving pandemic 
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We are a global provider of hospitality services and travel products and operate
our business in the following two segments:

•Vacation Ownership - develops, markets and sells vacation ownership interests
("VOIs") to individual consumers, provides consumer financing in connection with
the sale of VOIs, and provides property management services at resorts.

•Travel and Membership – operates a variety of travel businesses, including
three vacation exchange brands, a home exchange network, travel technology
platforms, travel memberships, and direct-to-consumer rentals.

Travel + Leisure Brand Acquisition

On January 5, 2021, Wyndham Destinations, Inc. acquired the Travel + Leisure
brand and related assets from Meredith Corporation ("Meredith") for $100
million, of which $55 million was paid during 2021. The remaining payments are
to be completed by June 2024. This acquisition included Travel + Leisure branded
travel clubs and members. We acquired the Travel + Leisure brand to accelerate
our strategic plan to broaden our reach with the launch of new travel services,
expand our membership travel business, and amplify the global visibility of our
leisure travel products. Meredith will continue to operate and monetize Travel +
Leisure branded multi-platform media assets across multiple channels under a
30-year royalty-free, renewable licensing relationship. In connection with this
acquisition, on February 17, 2021, Wyndham Destinations, Inc. was renamed Travel
+ Leisure Co. and continues to trade on the New York Stock Exchange under the
new ticker symbol TNL.

In connection with the Travel + Leisure brand acquisition we updated the names
and composition of our reportable segments to better align with how they are
managed. We created the Travel + Leisure Group which falls under the Travel and
Membership segment along with the Panorama business line. With the formation of
the Travel + Leisure Group, we decided that the operations of our Extra Holidays
business, which focuses on direct-to-consumer bookings, better aligns with the
operations of this new business line and therefore transitioned the management
of our Extra Holidays business to the Travel and Membership segment. As such, we
reclassified the results of our Extra Holidays business, which were 
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